Crypto Mania

Solana & Bonk Price are on Fire: Here are the Targets for the Yearly Close!

The post Solana & Bonk Price are on Fire: Here are the Targets for the Yearly Close! appeared first on Coinpedia Fintech News

Solana, which was said to be dead after the FTX fiasco, has surged over 400% since the beginning of the year. Besides the dog-themed coin of Solana, Bonk has maintained a strong bull run for a long time. Despite the sales of Solana’s mobile device, Saga has been disappointing. The BONK price has registered over 7000% appreciation in its value, suggesting the strengthening of the Solana ecosystem.

Solana (SOL) Price Analysis

Solana’s price triggered a healthy rebound from the interim lows and was raised above the crucial resistance, indicating the token to have begun with a minor bull run. The price could find its way out to hit a 3-digit figure, but the immediate resistance, which is located just 10% away from the current levels, may hinder the growth of the rally.

The rise in the trend indicates a decrease in selling volume and pressure, which can be attributed to the growing strength among the bulls. The price hitting its highest level since May 2022 after a 3-week cooldown indicates the price is poised to hit $100 in the coming days. Besides, indicators like the RSI and MACD are currently flashing bullish signals as the token surpasses the crucial $71 resistance. With this, another 30% upswing can be expected, with a price target of around $90. However, in the case of a bearish reversal, $60 can act as strong support. 

Bonk (BONK) Price Analysis

After breaking the bearish trend that it carried since the beginning of the year, the BONK price has constantly printed massive bullish candles. Despite the price facing a minor pullback, the bulls continued to hold huge dominance that held the price above the gains. Now that the volume has swung in its favour, the upswing is believed to continue until the end of the month.

The BONK price is trading in an expanding channel, which is usually considered bearish in the long term, but in the short term, a fine upswing could be imminent. The price has gathered significant volume that may assist the price in maintaining an ascending trend until it reaches the deciding level of around $0.0000527.

Source link